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New York Fed begins purchasing mortgage-backed securities

The Federal Reserve Bank of New York announced this week that it began purchasing fixed-rate mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae. Selected private investment managers are acting as agents of the New York Fed in these purchases.

Summary data detailing these operations became available today on the New York Fed’s website and will be updated on a weekly basis each Thursday.

The program, first announced on November 25, 2008, is “intended to support the mortgage and housing markets and foster improved conditions in financial markets more generally.”

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